The Exchange 6/3/26

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**Kelly Evans** (0:58)
You're listening to The Exchange. Here's today's show.
Thank you very much, Scott. A plea to use less AI.
SpaceX sets its terms and high earners hit the dollar stores. That's all coming up this hour. Welcome to The Exchange. I'm Kelly Evans. Take a look at this market rally. A pause today as oil prices and yields move higher. Dow's down 433 right now. Russell's down one and a half percent. S&P is down about half a percent at the moment. Comes after the US and Iran launched new strikes overnight. The S&P and NASDAQ are actually tracking for their first negative day in 10th. In tech, the semis are holding up better than software. Intel's a standout, snapping a five-day losing streak. The memory name's also rising with Western Digital up 5 percent. Elsewhere, the alt-asset private credit trade under some pressure, Blackstone, KKR, BlueOwl down around 4 percent, following some new redemption headlines last night. But let's begin today with the latest out of the Middle East, as President Trump says Iran agreed to not have nuclear weapons, but added they can change their mind. Perfect timing for our Sarah Eisen to sit down with Israeli Prime Minister Benjamin Netanyahu, as she did just a short while ago. Sarah joins us now live from Jerusalem with the key moments. Sarah.

**Sarah Eisen** (2:14)
Hi, Kelly. Good to see you here tonight.
On that note, Prime Minister Benjamin Netanyahu told us that he's still cautious because Iran, as he said, tends to lie and cheat, which is why the Prime Minister said that Iran has to agree and they have to figure out a way to remove the nuclear material and dismantle the nuclear infrastructure. That's what he made clear was important from Israel's perspective when it comes to making any deal with Iran. Now I asked the Prime Minister, of course, about the strikes overnight, drone and missile attacks on US troops in Kuwait and Bahrain, and asked him how he interprets whether there's a ceasefire right now or not. Here's what he said.

**Benjamin Netanyahu** (2:57)
I think there's a tactical game that is being played. And Iran surely knows what the president has said, that if necessary, there will be a full-scale return to military action.
You know, it's the president's decision. Israel is ready and the US forces are ready. I think Iran should take that into account. I think they are taking it into account, but they're playing with fire. That's clear.

**Sarah Eisen** (3:22)
The prime minister also did talk about that very testy exchange between him and President Trump. President Trump, of course, confirming today to another news outlet that he did use effing crazy to the prime minister. Here's the prime minister's account.

**Benjamin Netanyahu** (3:40)
This is a crisis. You should be in some other conversations. But we've always found a way.
We have so many agreements. We agree on the main things. We want to get Iran, the nuclear program in Iran, finished. We want to make sure that Iran doesn't pose a threat to Israel, to the Middle East, to America, that it doesn't develop nuclear weapons and the means to deliver them, not only to Israel and to every capital in Europe, but to every city in the United States. That's our common goal. That's what we set out to do and to expand the circle of peace.

**Sarah Eisen** (4:10)
And he also said that there is no shift in the relationship between him and President Trump. He said they speak multiple times per week, even per day, and still characterizes President Trump as the best friend that Israel has had in a US president. Kelly, he also talked about Lebanon, asked a number of questions about what's going on there. And what he says is they still need to demilitarize Lebanon because Hezbollah continues to be a threat. And when I asked him about some of the criticisms, for instance, coming from European leaders about what Israel's been doing in Lebanon, he really criticized them for pandering to their political bases instead of what he says is standing up against terrorism, which Israel is doing. And as he continues to say, fighting U.S.'s war, fighting Europe's war, fighting the war for the West. That's the main message from the Prime Minister.